Add-on Acquisition • Plastics

Grey Mountain Partners Exits Dimex

On August 3, 2021, Westlake invested in plastics company Dimex from Grey Mountain Partners

Investment Context
  • This is Westlake’s 4th transaction in the Plastics sector.
  • This is Westlake’s 5th transaction in the United States.
  • This is Westlake’s 1st transaction in Ohio.

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Investment Summary

Date August 3, 2021
Target Dimex
Sector Plastics
Investor(s) Westlake
Sellers(s) Grey Mountain Partners
Deal Type Add-on Acquisition

Target Company

Dimex

Marietta, Ohio, United States
Dimex is a plastics extrusion business with a sophisticated raw material supply capability that involves reprocessing off-spec and scrap plastic material. Dimex was founded in 1991 and is based in Marietta, Ohio.
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Investor Overview 1

Investor

Westlake

Houston, Texas, United States

Category Company
Founded 1986
Sector Chemicals
Employees15,520
Revenue 12.1B USD (2024)
DESCRIPTION
Westlake Chemical's corporate headquarters in Houston, Texas.
Westlake Chemical's corporate headquarters in Houston, Texas.

Westlake manufactures and markets basic chemicals, vinyls, polymers, and fabricated building products. It operates through two segments, Olefins and Vinyls. Westlake was founded in 1986 and is based in Houston, Texas.


Deal Context for Investor #
Overall 8 of 11
Sector: Plastics 4 of 4
Type: Add-on Acquisition 5 of 5
State: Ohio 1 of 2
Country: United States 5 of 6
Year: 2021 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-20 Boral’s North American Building Products Business

Roswell, Georgia, United States

Boral’s North American Building Products Business is involved in providing the building products related to roofing; siding, trim and shutters; decorative stone; and windows. It employs approximately 4,600 employees at 29 manufacturing sites in the United States and Mexico

Buy $2.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-24 Hexion - Global Epoxy Business

Columbus, Ohio, United States

Hexion's Global Epoxy Business is manufacturing and developing specialty resins, coatings, and composites for a variety of industries, including high-growth and sustainability-oriented end-uses such as wind turbine blades and light-weight automotive structural components. Hexion's Global Epoxy Business is based in Columbus, Ohio.

Buy $1.2B

Seller Profile 1

SELLER

Grey Mountain Partners

Boulder, Colorado, United States

Category Private Equity Firm
Founded 1992
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Grey Mountain Partners is a private equity firm focused on investments in smaller middle-market companies. Grey Mountain targets new platform companies with minimum revenues of $25 million and EBITDA greater than $5 million. The Firm can commit up to $75 million per platform investment. Sectors of interest include diversified manufacturing, wholesale/distribution, business services, software, consumer services, packaging, food & beverage, specialty chemicals, financial services, energy, and defense. Prospective transaction situations can include corporate divestitures, MBOs, consolidation opportunities, family held companies in transition, and companies in distress or emerging from bankruptcy. Grey Mountain Partners is based in Boulder, Colorado.


Deal Context for Seller #
Overall 17 of 17
Sector: Plastics 1 of 1
Type: Add-on Acquisition 6 of 6
State: Ohio 1 of 1
Country: United States 17 of 17
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 48forty Solutions

Houston, Texas, United States

48forty Solutions is a whitewood pallet recycler recycling over 90 million pallets annually across its network of 73 company locations and more than 225 network facilities. 48forty serves over 2,700 customers, including manufacturers, distributors, and retailers in the distribution & logistics, food & beverage, packaging, durables, and non-durables industries. 48forty Solutions was founded in 1992 and is based in Houston, Texas.

Sell -